This is gonna be long...so bear with me...
As to whether you can use the regulator to adjust the pressure, that depends on the regulator...some are designed to be dialed down between 0-100 psi...but most of the cheapy ones are not...they won't tell you that though.
That's why a dual-stage regulator is helpful. It will take the 800psi coming from the tank, and reduce the output pressure significantly...there is a wide range, but most of them have an output of 15 psi-50 psi depending on the model.
I'm not saying that the method of adjusting the knob on the single stage regulators won't work, just that it's not the safest way to go about things...it's not intended for that application. The issue with using the regulator to adjust the flow is that a
cheap single stage regulator's flow will fluctuate as the pressure in the tank changes. The pressure will change with ambient temperature, as well as the volume of liquid CO2 in the tank. You will be constantly trying to adjust the flow, and it will not be accurate at all...this may or may not be a concern to some people, but if you are looking for consistency then that's not the best method. Also, with cheap regulators, as the tank empties and you open up the regulator to allow more flow with the reduced pressure, you risk having the remaining contents of the tank dump all at once when the pressure in the tank dips below the operational pressure of the regulator's diaphragm. Not a common occurrence, but a definite risk with a cheap regulator. It's happened to me in combination with a cheap needle valve...I nuked my tank, and it sucks.
Why does this happen? By adjusting the pressure at the regulator on a single stage unit, you are using the diaphragm of the single stage unit to control the pressure, which it is not designed to do (again, speaking about most of these cheaper hobbyist regulators). If it fails (more common with a cheap unit), the contents of your CO2 tank will blow by the regulator, blow by the cheap needle valve (which is probably rated at about 40-50 psi) and dump a nasty amount of CO2 into your system. A dual stage regulator has 2 diaphragms; you open the first one fully and 800psi from the tank moves past the first diaphragm, through the regulator, and hits the 2nd diaphragm, which is specifically designed to operate at a safe range (again, typically 15-50 psi). Both valves are fully open, and working at their intended operational pressure. Your needle valve that comes after the dual stage regulator has little to no risk of failure...whereas variations in temperature, tank pressure, and failure of the diaphragm in a cheap single stage regulator (when you are trying to control the flow in a manner that it's not intended for) can put the needle valve (and your tank) at a risk if the pressure exceeds the range of the needle valve when the regulator fails.
I know using the regulator to control flow is one of those things that just about everyone does...and I also know that the aquarium hobby has started producing inexpensive regulators for calcium reactors and planted tanks...and people will probably keep using their regulators to control the flow of CO2 and resulting pressure that goes to the needle valve. I'm not saying it won't work...I'm saying it's risky.
The best thing you can do is at least pick up a quality metering valve for 20 bucks to reduce the risk of failure. If the cheap regulator fails, then at least your needle valve will save you...you will know your regulator is going when you're constantly having to make adjustments and can't get a consistent bubble count.
You can pick up a good single stage regulator used, and not have to worry about this issue...they are made to be adjusted/dialed down to a safe operational pressure to be used with your needle valve. Most of the stuff we have on the market as hobbyist regulators are
not up to those standards...I've seen posts on several reefing forums where people are wondering why they are constantly having to adjust their regulator and can't get it to flow consistently...in the end the collective answer is: get a bubble counter and check it regularly. My point is that with quality equipment, you won't have to do that. It's worthwhile to just invest in a quality single stage regulator up front. That being said...there are quality hobbyist regulators on the market, you just need to be discerning and do your research...the kit on amazon that goes for about $100 is best avoided.
Take what I say with a grain of salt...this is all just my opinion based on my own misfortune...I had a cheap DIY regulator fail, and I had a cheap hobbyist regulator fail soon after that. At least a quality needle valve gives you some extra assurance with an inexpensive regulator...if the diaphragm fails then chances are the needle valve will at least hold up for you...even one rated at 80 psi will typically not instantly fail if your regulator diaphragm goes. A cheap needle valve, on the other hand, probably will...that combination is what caused me to nuke my tanks not once, but twice. I learned my lesson and built a quality regulator after that, and never looked back. I got out of the hobby and sold it, but am about to jump back in, and will be building another good regulator.
One thing that's perplexed me being on the reef side of things...is how prominent these cheap aquarium-grade regulators are in reefing. The planted tank community has essentially ditched those and shunned them half a decade ago, and most people are scouring ebay and building DIY units for a larger initial investment...knowing that they are safer to run on their systems. Considering how much more expensive our side of the hobby is...I'm surprised to see that this hasn't caught on yet.
Anyway...I'm hopping off my soapbox. Hopefully this hasn't scared you off from using your current regulator, Mike....and hopefully I haven't stepped on any toes in talking down so much about these cheaper regulators
It looks like more of an investment up front...but with some searching on ebay and some patience you can build a quality system for marginally more than one of the cheaper hobbyist regulators and know that your equipment will last for years. That being said, if you are going to use a money-saver hobbyist regulator, at least hook up a reliable $20 needle valve and protect your investment.
Edit: Thanks for the posts above pointing out the $250 unit
There are definitely quality units on the hobbyist side, but unfortunately they are few and far between compared to the number of junk units floating around. I have been meaning to post about regulators for a long while and never got around to it...like I said...was just curious to see how many cheap units are in this hobby.